The Swiss Chancellery approves the proposal to include Bitcoin in national reserves

The Swiss Federal Chancellery has approved the formal introduction of the “Bitcoin Initiative,” a proposed constitutional amendment that would require the Swiss National Bank to hold a portion of its bitcoin reserves (Bitcoin).

The measure is now approaching and coming in the midst of a nationwide referendum Growing interest in adopting sovereignty A major asset.

the initiativeofficially titled “For a Strong, Sovereign and Fiscally Responsible Switzerland,” was introduced on December 5, 2024, with the support of prominent Bitcoin advocates and financial reformers.

The proposal seeks to amend Article 99 of the Swiss Constitution to mandate that the central bank allocate part of its reserves to Bitcoin alongside gold. Proponents argue that Bitcoin’s decentralized and deflationary properties could enhance Switzerland’s financial resilience and sovereignty.

The road to the referendum

The Swiss Federal Chancellery confirmed that the initiative meets all legal requirements, including collecting valid signatures and adhering to formal procedures.

Federal Chancellor Victor Rossi stated:

He added that the initiative’s commitment to the constitutional and legal framework of a federal popular initiative was verified.

The approval of the Federal Chancellery does not guarantee the implementation of the initiative. The matter now requires review by the Federal Assembly to determine its validity and consistency with Swiss law. If this measure is deemed valid and a sufficient number of signatures are ratified, Swiss citizens will vote on the measure in a national referendum.

This initiative is led by ten individuals, including famous Bitcoin entrepreneurs and legal experts such as Lucius Meiser and Geo Zanganeh. These supporters emphasize the proposal’s ability to enhance financial independence by diversifying Switzerland’s cash reserves.

Support and criticism

Advocates of the Bitcoin initiative see it as a forward-looking step in keeping with Switzerland’s tradition of financial innovation.

However, critics warn of the risks associated with Bitcoin’s volatility. They argue that requiring central banks to hold such assets could expose the Swiss financial system to unpredictable market fluctuations, potentially undermining its distinctive stability.

Passing the initiative into law will make Switzerland one of the first countries to constitutionally integrate cryptocurrencies into its monetary policy. While the timeline for the referendum has not been confirmed, the measure is expected to spark significant controversy within the country known for its direct democracy and fiscal leadership.

If approved by voters, the amendment could represent a major shift in how central banks globally handle digital assets and update their precautionary strategies.